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Steve Penny – Silver, SILJ, SILJ:Silver, Gold, GDX, Gold:Silver, SRUUF, URNM, and Uranium:Gold Ratio

The KE Report Feb 6, 2026

Summary

Steve Penny frames the current ~40% silver pullback as a 1974-style consolidation, suggesting a 1979-style final-leg upside still ahead.

Silver spot is testing its rising 50-day MA near $71, with $69 and $60 as next support; Penny scales in via if-then triggers.

Junior silver miners (SILJ) have lagged the metal to historic extremes, making them the best risk/reward in precious metals per Penny.

Gold's $56.26-to-$44.23 pullback still holds key MAs; Penny rotates toward gold when the gold-silver ratio falls below 50:1.

Uranium is Penny's favorite 2026 sector; SRUUF shows a confirmed inverse head-and-shoulders targeting $28.45 on a healthy post-breakout pullback.

Steve Penny's takeaways

  • Top takeaway Frames silver as in a '1974 moment' analogous to the 1970s bull market, arguing the 1979-style 8x move still lies ahead once the Fed responds to the next panic
  • Sees the ~40% drop in silver from $121.78 to $71.20 as a healthy consolidation mirroring 1974, calling $50 the strongest long-term floor in silver's history
  • Calls silver miners the best value in the precious metals space, noting the SILJ:silver ratio hit historic lows last Friday and framing a thought-experiment target near $63.75 on SILJ at $75 silver
  • Picks uranium as his favorite sector to speculate in for 2026, with a $106 spot-price target and bullish supply-demand backdrop referencing Energy Secretary Chris Wright
  • Advocates trimming into overbought extremes to maintain a 'volatility bucket' of cash and scaling back in via if-then statements at key support levels like the 50-day and 200-day moving averages

Shad Markowitz's takeaways

  • Top takeaway Highlights that silver miners (SILJ) underperformed the metal since October and held up better on the recent drop, calling the SILJ:silver ratio action one of the strangest he has seen
  • Confirms he uses the gold-silver ratio as a portfolio allocation tool, favoring gold below ~50:1 to manage downside risk